Elevate, a fintech startup supported by Y Combinator, has raised USD 5 million to expand its operations in the Philippines. This brings its total investment from investors, including Y Combinator, Goodwater, Global Founders Capital, and VSQ, to USD 10 million.
Elevate’s product launch in the Philippines is aimed at helping Filipino freelancers with their financial challenges.
Elevate’s innovative platform makes it easy for freelancers in the Philippines to receive payments in US dollars (USD). It allows for free and fast deposits from US and international employers and popular platforms like Upwork, Fiverr, PayPal, Deel, and Toptal.
When transferring assets from USD accounts to Philippine-based banks, the platform offers competitive foreign exchange (FX) rates. By partnering with multiple large global FX providers integrated with banks in the Philippines, the platform ensures access to the best rates available, making it a cost-effective solution for maximizing earnings. In addition, Elevate offers a Mastercard debit card that users can use to spend online.
Elevate’s partnership with Bangor Savings Bank, a 172-year-old institution in Maine, USA, with over USD 7 billion in assets, sets it apart. Elevate accounts are FDIC-insured through Bangor Savings Bank, providing users with security, knowing their funds are protected up to USD 250,000 in the event of bank failure. This partnership allows individuals in countries like the Philippines, Pakistan, and Bangladesh to open FDIC-insured U.S. bank accounts, making Elevate unique in this aspect.
“The introduction of FDIC-insured accounts through our sponsor bank, Bangor Savings Bank, is set to revolutionize the financial landscape for Filipino freelancers, offering them unprecedented security and convenience in managing their international earnings,” said Elevate’s CEO Khalid Keenan.
Since it started in early 2024, Elevate has attracted over 150,000 users worldwide, showing that freelancers and remote workers strongly demand its services.
To learn more about the fintech startup, visit its official site at https://www.elevatepay.co/
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